ARAFAT WOOLLEN MILLS LIMITED versus INCOME-TAX OFFICER, COMPANIES CIRCLE C-1, KARACHI
Income Tax Ordinance 1979 Section 65 Constitution of Pakistan (1973), Article 185 Predictability restoration ITO interprets controversial sales as capital gains, while successor ITOs do not agree with its predecessor's finding, Due to this, the notice was taken to reopen the assessment and proceeded against it. The sale was mistakenly considered a capital gain and that the income tax revenue for the relevant income tax year was escaped by Assisi challenging the unsuccessful challenge of the notice issued by the High Court's constitutional jurisdiction, but no Except for new information or material, it was already available to a professional ITO. The successor or successor comes into the possession of the ITO to verify that the income received by the Assissee is mistakenly considered to be a capital gain and he has escaped his assessment.
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